Rupee Slides 13 Paise, Opens At 70.24 Per Dollar

The domestic currency on Thursday had lost 30 paise to end at 70.11 against the US dollar.

Updated on: 24 August 2018 10:02 am

The Indian rupee fell by 13 paise to 70.24 against the US dollar in opening trade on Friday as the demand for the American currency from importers and banks increased.

The domestic currency on Thursday had lost 30 paise to end at 70.11 against the US dollar due to renewed worries about a hike in US interest rates and rising global trade war jitters.

Forex dealers said a firm dollar in overseas markets, ahead of Federal Reserve Chairman Jerome Powell speech at the annual global central bank conference in Jackson Hole later in the day, weighed on the rupee.

Meanwhile, the benchmark BSE Sensex retreated from record high by falling 48.88 points, or 0.13 per cent, to 38,287.78 in early trade on Friday.

As per a repot in Live Mint, till now this year, the rupee has weakened 9.2%, while foreign investors have sold $554.60 million and $5.53 billion in equity and debt markets, respectively.

This is further supported by the Religare report that stated, "The Indian rupee, Asia's worst-performing currency this year, has fallen by 10% YTD, breaching the psychological level of 70 to a dollar for the first time ever as investors fled emerging markets amid concerns that a currency turmoil in Turkey would spill over to other regions,” as quoted by Daily News & Analysis.

(With inputs from PTI)